Korean beauty brand B2LiNK acquires digital skincare app Picky
04 Jan 2022 --- Seoul-based beauty brand B2LiNK has acquired Picky, a digital skincare community app revered by Korean beauty (K-Beauty) enthusiasts.
The acquisition bolsters B2LiNK’s portfolio of beauty brands and leverages Picky’s networking resources and international reach. The company has raised US$23 million since being established in 2014.
“K-beauty is a global phenomenon. There is a seemingly endless pool of unique indie brands relevant for global beauty consumers, and we have access to established distribution channels to meet the demand for K-Beauty products everywhere,” says Nate Sohyung Lee, B2Link’s co-founder and CEO.
B2LiNK’s core business is identifying high performing K-Beauty companies and grooming them into global brands through retail and marketing leadership. The company represents 150 Korean cosmetics’ brands and about 80 online and offline distribution channels. It has extended its portfolio to include seven brands that surpassed US$30 million annual recurring revenue in 2021.
Beauty is in the eye of the shareholder
B2LiNK represents 150 Korean cosmetics’ brands.
As part of the acquisition, Picky founder and CEO Jihong Lee will join B2LiNK as chief marketing officer and board member.
“In what has been a challenging time for start-ups worldwide, we’re proud to have gained an avid following of hundreds of thousands of regular users in our skincare community,” Lee elaborates.
With the acquisition, Picky strives to build on its strong community base of more than 250,000 global web and mobile app users.
Market growth on the beauty scene
B2LiNK’s brand business has grown more than three times the annual estimate for the past two years, with 90% of its revenue coming from outside South Korea.
Its flagship brand, <Skin1004> wrapped up with US$25 million revenue and US$4 million profit in 2021.
“We’re helping K-Beauty products become much more accessible in more markets through our experience in the retail business and global marketing team. With the Picky acquisition, we’ve strengthened our team and established our market position in Korea,” explains Lee.
The prestige of K-Beauty has recently gained enormous worldwide traction recently with companies such as Amorepacific expanding its portfolio as well.
Edited by Inga de Jong
